Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Equity Capital Markets

Bank for Foreign Trade of Vietnam / Equity Capital Markets

<ul>
<li>Secondary placement taking place, ~29million share on offer via accelerated bookbuild, for total offer size of ~USD100 million </li>
<li>Discount of 0-2.4% relative to market close 9 July, discount depends on demand</li>
<li>Free float will increase by 0.5% to 8.4%, which is low but typical for Vietnamese government linked (GLC) stocks </li>
</ul>


Secondary placement taking place, ~29million share on offer via accelerated bookbuild, for total offer size of ~USD100 million 
Discount of 0-2.4% relative to market close 9 July, discount depends on demand
Free float will increase by 0.5% to 8.4%, which is low but typical for Vietnamese government linked (GLC) stocks 


Vietcombank (VCB VN Equity): Secondary Placement Offer, up to 2.4% Discount

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Bank for Foreign Trade of Vietnam / Equity Bottom-Up

<ul><li>During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr (US$75.1bn), fora modest increase of 1.4% YoY.</li><li>The most significant contributor to this stabilitywas the notable growth in the highest-yielding asset category, loans to customers, which surged by 10.8% YoY to VND1,242tr (US$50.7bn).</li><li>Conversely, quick assets, including securities, experienced a decline of 10.6% YoY. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr (US$75.1bn), fora modest increase of 1.4% YoY.The most significant contributor to this stabilitywas the notable growth in the highest-yielding asset category, loans to customers, which surged by 10.8% YoY to VND1,242tr (US$50.7bn).Conversely, quick assets, including securities, experienced a decline of 10.6% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank for Foreign Trade of Vietnam - Saving for Rainy Days

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Viettel Construction (CTR VN) and EVN Finance (EVF VN) will be added to the MarketVector Vietnam Local Index at the close on 21 June.</li>
<li>Estimated one-way turnover is 5.2% and that results in a one-way trade of US$27m. There are 3 stocks with more than 1x ADV to buy from passives.</li>
<li>There will be over US$1m to buy in <a href="https://www.smartkarma.com/entities/vinhomes-jsc" target="_blank" data-smartkarma-citation="entities:27079:1" rel="noopener">Vinhomes (VHM VN)</a>, <a href="https://www.smartkarma.com/entities/bank-for-foreign-trade-of-vietnam" target="_blank" data-smartkarma-citation="entities:23054:1" rel="noopener">Bank for Foreign Trade of Vietnam (VCB VN)</a> and <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>. </li>
</ul>


Viettel Construction (CTR VN) and EVN Finance (EVF VN) will be added to the MarketVector Vietnam Local Index at the close on 21 June.
Estimated one-way turnover is 5.2% and that results in a one-way trade of US$27m. There are 3 stocks with more than 1x ADV to buy from passives.
There will be over US$1m to buy in Vinhomes (VHM VN), Bank for Foreign Trade of Vietnam (VCB VN) and Vingroup Jsc (VIC VN). 


MarketVector Vietnam Local Index Rebalance: Two Adds and Other Changes

Thematic (Sector/Industry)

<ul><li><strong>Overview:</strong> Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations (Vietnam Market) - June 2024

<p>Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.</p><p>This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.</p><p>High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 9M23 Update and Outlook - Overcoming adversity

Vietnam

Bank for Investment and Development of Vietnam provides commercial banking services. The Company offers deposits, personal loans, e-banking, guarantees, and trade finance for customers, corporate, and financial institutions. Bank for Investment also offers foreign exchange, money market, derivatives, and debt market services.

Vietnam Joint Stock Commercial Bank For Industry and Trade accepts deposits and offers commercial banking services.  The bank offers corporate and consumer loans; insurance; securities and derivatives brokerage; lease financing; money transfer; credit cards; and other services

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam Joint Stock Commercial Bank For Industry and Trade

Military Commercial Joint Stock Bank offers commercial banking services.  The Bank provides services in the areas of personal banking, corporate banking, financial banking, and e-banking.  Military Commercial's services include savings accounts, money lending, money transfers, foreign exchange, and money markets.

Military Commercial Joint Stock Bank (MBB VN)

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) provides commercial banking services. The Bank offers domestic remittance services, savings account, personal loans, e-banking, trade financing, deposits, tax payment, foreign exchange, cash management, and other banking services. VPBank serves customers in Vietnam.

Vietnam Technological and Commercial Joint-stock Bank, doing business as Techcombank, provides banking services. The Bank offers savings, deposits, loans, credit cards, monetary management, trade finance, international payment, and foreign exchange services. Techcombank serves individuals, corporates, and the government sectors in Vietnam.

Asia Commercial Bank attracts deposits and offers commercial banking services.

Ho Chi Minh Development Joint Stock Commercial Bank provides commercial banking services for retail and institutional customers. The Bank offers personal and car loans, overdraft, business financing, term deposits, current accounts, mobile banking, and online bills payment services. Ho Chi Minh Development serves customers in Vietnam.

Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, operates various personal and corporate banking services such as deposits, foreign exchange transactions, loans, outward transfer, and international payments.

Saigon - Hanoi Commercial Joint Stock Bank provides commercial and personal banking services.

Vietnam Export Import Commercial Joint Stock Bank provides various banking services and products to organizations and individual customers in Vietnam. The company offers demand, savings, time, overnight, accumulated, and payment deposits; deposits with preferential, tiered, and daily interest rates; deposits with optional terms; and certificates of deposit. It also provides housing loans, loans for small traders, loans secured by savings books and valuable papers, loans for securities trading and investments, T-day securities loans, overseas study loans, auto loans, unsecured loans for employees, overdrafts, and loans by investment projects; factoring services; and prepaid, debit, credit, co-branded cards. In addition, the company engages in foreign currency trading by spot, swap, forward, and currency options and gold trading; provides money transfer and remittance services; packaging services for overseas studies; Internet, mobile, and SMS banking services; and bill payment services, such as electricity, water, air ticket, and automatic bill payment services, as well as telecommunication charge payment and collection services. Further, it offers centralized deposit management, payroll, and cash services; payment of travelers� cheques, and cheque issuance and collection; international settlement services. Additionally, the company engages in the receipt of funds entrusted for investment; receipt of funds from domestic and foreign credit institutions; discount of commercial papers, state bonds, and valuable papers; investment in securities; issuance of domestic and international cards; financial advisory services; corporate bond trading; and other banking services. As of December 31, 2014, it operated a network of 208 banking units, including 44 Branches, 163 transaction offices, and 1 savings fund. The company was founded in 1989 and is headquartered in Ho Chi Minh City, Vietnam.

Hang Seng Bank Limited and its subsidiaries provide banking and related financial services.

CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

Standard Chartered PLC is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

CTBC Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

Punjab National Bank provides financial services such as corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking. The Company provides services to domestic conglomerates, medium and small industrial units, exporters, non-resident Indians and multinational companies.

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

Public Bank Berhad provides a range of banking and financial services which include leasing and factoring, stock and futures broking, financing for the purchase of licensed public vehicles, and other financial services. The Group's overseas operations include branches in Hong Kong, Sri Lanka, Laos, Cambodia, and Vietnam.

Malayan Banking Berhad operates as a bank. The Company provides financial services such as insurance, asset management, stock broking, nominee services, venture capital, leasing, and Internet banking. Malayan Banking Berhad serves customers in South East Asia.

Bank of Nanjing Co., Ltd. operates commercial banking businesses. The Company offers deposits, loans, settlement, discounting, financial bond issuance, government bond underwriting, bank guarantee, and other related financial services. Bank of Nanjing provides services for enterprises and individuals.

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Joint Stock Commercial Bank for Foreign Trade of Vietnam provides banking products and services for individuals, corporates, and financial institutions in Vietnam and internationally. The company accepts personal and savings accounts; and business accounts, such as current accounts, and time and special deposit products. Its loan products comprise personal loans; and short-term lending, working capital financing, project finance, and trade finance products. In addition, the company offers various cards; account services, including demand and term deposit accounts, fund management, and auto-investment services; and money transfer, bancassurance, payments and cash management, foreign exchange and treasury, international payments, guarantees, investment banking, asset management, correspondent banking, factoring, financial and office leasing, securities, and remittance services. Further, it provides electronic banking services, such as Internet, mobile, SMS, and phone banking services, as well as VCB-Money, VCB-eTour, and VCB-eTopup services. As of December 31, 2014, the company operated 89 branches, 351 transaction offices, and 1 representative office. Joint Stock Commercial Bank for Foreign Trade of Vietnam was founded in 1963 and is headquartered in Hanoi, Vietnam.

Bank for Foreign Trade of Vietnam (VCB VN)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank for Foreign Trade of Vietnam (VCB VN)

Vietcombank (VCB VN Equity): Secondary Placement Offer, up to 2.4% Discount

Vietnamese GLC stock offering ~29 million shares at a discount, increasing free float to 8.4%. Book building is already on the way, and should get...

Mohshin Aziz

Bank for Foreign Trade of Vietnam - Saving for Rainy Days

During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr...

Mirae Asset Securities

MarketVector Vietnam Local Index Rebalance: Two Adds and Other Changes

Viettel Construction and EVN Finance will be added to the index at the close on 21 June. Estimated one-way turnover is 5.2% and that results in a...

Brian Freitas

Stock Recommendations (Vietnam Market) - June 2024

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Banking Sector - 9M23 Update and Outlook - Overcoming adversity

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vietcombank (VCB VN Equity): Secondary Placement Offer, up to 2.4% Discount

​Vietnamese GLC stock offering ~29 million shares at a discount, increasing free float to 8.4%. Book building is already on the way, and should get...

Mohshin Aziz

Bank for Foreign Trade of Vietnam - Saving for Rainy Days

During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr...

Mirae Asset Securities

MarketVector Vietnam Local Index Rebalance: Two Adds and Other Changes

Viettel Construction and EVN Finance will be added to the index at the close on 21 June. Estimated one-way turnover is 5.2% and that results in a...

Brian Freitas

Stock Recommendations (Vietnam Market) - June 2024

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Banking Sector - 9M23 Update and Outlook - Overcoming adversity

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood...

Mirae Asset Securities

Vietnamese GLC stock offering ~29 million shares at a discount, increasing free float to 8.4%. Book building is already on the way, and should get...